US President Donald Trump (Photo: AP)
Donald Trump has warned of imposing tariffs on semiconductor imports from companies that do not shift production to the United States.
Speaking ahead of a dinner with major technology company CEOs, the US President said he had a discussion with people over the matter and that the tariffs would be coming up “very shortly".
“Yeah, I have discussed it with the people here. Chips and semiconductors, we will be putting tariffs on companies that aren’t coming in. We will be putting a tariff very shortly," Trump said without giving an exact time or rate.
“We will be putting a very substantial tariff, not that high, but a fairly substantial tariff with the understanding that if they come into the country, if they are coming in, building, planning to come in, there will not be a tariff," Trump told reporters.
“If they are not coming in, there is a tariff," Trump said in his comments on semiconductors.
“Like, I would say (Apple CEO) Tim Cook would be in pretty good shape," he added, as Cook sat across the table.
Since returning to the office in January, Trump’s threat of tariffs has alienated trading partners, stirred volatility in financial markets and fueled global economic uncertainty.
The US President has made tariffs a pillar of the US foreign policy, using them to exert political pressure and renegotiate trade deals and extract concessions from countries and companies that export goods to the United States.
According to Reuters, iPhone maker Apple recently raised its total domestic investment commitment in the US to $600 billion over the next four years as tech leaders have warmed up to Trump in his second term.
Last month, Trump had said that the United States would impose a tariff of nearly 100 per cent on imports of semiconductors but it will not apply to companies that are manufacturing in the US or have committed to do so.
In the latest, Trump has faced legal pushback in his use of tariffs. His administration has asked the US Supreme Court to swiftly hear a bid to preserve his sweeping tariffs pursued under a 1977 law meant for emergencies after a lower court invalidated most of the levies that have been central to his economic and trade agenda.
'Very Shortly': Trump Warns Of Tariffs On Semiconductors From Firms Not Moving Base To US
Donald Trump said his administration will impose substantial tariffs on semiconductor imports from companies that do not shift production to the US.
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